Thinking about what will happen to you and your assets after you die is more important than you might think.
It could mean the difference between your wishes being respected or leaving your loved ones with the complicated, lengthy and expensive process of intestacy.
Despite its importance, many people postpone writing a will. Here are 9 compelling reasons why you should write one, sooner rather than later.
1. Take Control of Your Assets
Without a will, the law (the rules of intestacy) dictates who inherits your estate and how it is distributed. This might not reflect your wishes and could exclude those you care about. By writing a will, you gain full control over who inherits your estate, and ensures your assets go to the people or causes you care about most. It’s your life, your wealth – shouldn’t you decide where it goes?
2. Safeguard Your Children’s Future
If you have dependents under 18, a will lets you designate who should become their legal guardian in the event of your death and allow you to ensure that your children will be looked after by someone you trust. Without this provision, the court will decide, which may not reflect your preferences.
3. Protect Unmarried Partners
In the UK, unmarried partners are not automatically entitled to inherit anything from each other. If you wish to provide for your partner, you must explicitly state this in your will to safeguard them financially. Otherwise, they might face financial difficulties after your death.
4. Ensure Care for Dependents with Special Needs
If you have dependents with special needs, a will allows you to set up trusts to provide for their long-term care and financial security by appointing a trustee to manage this money for you. This offers peace of mind that your dependants are looked after according to your wishes.
5. Mitigate Inheritance Tax
A well-drafted will can help mitigate the amount of inheritance tax payable on your estate. By being smart and planning ahead, you can take advantage of tax reliefs and allowances, ensuring more of your wealth is passed on to your beneficiaries.
6. Avoid Family Disputes
Outlining your wishes in a will can help prevent family disputes and legal challenges after your death. By specifying who should receive what, you reduce the potential for misunderstandings and conflicts at a difficult time.
7. Leave a Charitable Legacy
If you have charitable causes close to your heart or are passionate about helping others, you can include donations in your will to continue your legacy. These bequests not only support your chosen charities but can also reduce the inheritance tax liability on your estate.
8. Expressing Your Funeral Wishes
Writing a will can be a valuable tool for ensuring your funeral is planned according to your wishes. It allows you to explicitly specify the exact type of funeral you would prefer, details about the ceremony, music and guest list. By appointing an executor in your will, you will know that your funeral wishes are in the hands of a trusted individual who is understanding of your plans.
9. Peace of Mind
Knowing that you have a legally-binding document outlining your wishes can provide significant peace of mind. Many people gain great reassurance from knowing their affairs are in order and the stress that their loved ones will inevitably face has been minimised as much as possible.
For further information, please contact Aqeelah Bahadar on 01535 613681 or email aqeelah.bahadar@awbclaw.co.uk
22 July 2024
Further reading:
Avoid the Aretha Franklin method of writing wills!
Intestacy: the question of inheritance
Are wills worth the paper they’re written on?
Government advice: